HANOI; Hanoi has proposed a major transformation of the area around Hoan Kiem Lake, with preliminary investment estimated at over VNĐ22.2 trillion (over US$860 million), including plans for a four-level underground shopping complex.
The Hanoi People's Committee submitted a proposal on Tuesday, and the project is expected to be completed by 2029.
The plan aims to create a large public square linking Hoan Kiem Lake with August Revolution Square, the Hanoi Opera House and the Vietnam National Museum of History.
It also calls for expanding public spaces in the city centre, reorganising traffic and developing underground facilities.
The project will be implemented in three phases.
The first phase will cover land clearance across about 30.82 hectares, at an estimated cost of more than VNĐ9.9 trillion (US$383 million). The municipal budget will cover the full cost of this component.
The second phase involves building a four-level underground shopping complex beneath the park and public square areas north and east of the lake. The project is valued at over VNĐ4.6 trillion, with Capital Sun Real Estate Joint Stock Company named as the investor.
The third phase includes building a new headquarters for the Hanoi People's Committee, renovating the People's Council headquarters and upgrading the landscape around the lake's southeastern side. The component is estimated to cost more than VNĐ7.69 trillion and will also be carried out by Capital Sun Real Estate.
To compensate investors, the city plans to allocate six plots of prime land covering 7.31 hectares in total, with a preliminary estimated value of over VNĐ4.87 trillion.
The proposed sites are located on Trang Tien Street, on both sides of the central post office, along Tang Bat Ho, Le Thanh Tong and Hai Ba Trung streets, and in Dong Anh.
The redevelopment is scheduled for completion by 2029. — VNS/ANN
